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RRA SELLS 140 APARTMENTS OUTSIDE OF WILMINGTON, DE FOR $10,300,000

by RRA on May 6, 2019
RRA SELLS 140 APARTMENTS OUTSIDE OF WILMINGTON, DE FOR $10,300,000
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Rittenhouse Realty Advisors is pleased to announce the sale of Parklynn Apartments, located at 5 Ruth Road in Elsmere, Delaware, just a few minutes from the City of Wilmington. The apartments feature hardwood flooring, oversized closets, updated kitchens and baths, off-street parking and on-site laundry facilities.

The garden-style property sits on over four acres off of Kirkwood Highway, making it convenient to Prices Corner Shopping Center along with numerous national retailers.   Major area employers include Wilmington VA Medical Center, Christiana Care Health Center and the University of Delaware – Wilmington Campus.

Ken Wellar, Managing Partner at RRA, stated: “We have noticed an increase of northern New Jersey and New York City based investors acquiring properties in the Delaware market. This was the buyer’s first acquisition in Delaware.”

Mark Duszak, Director at RRA, added: “Investor demand is extreme along the I-95 corridor from Delaware to Northern New Jersey, in large part due to Philadelphia’s continued growth.  This transaction reflects the strong demand for multi-family assets with upside through unit renovations.”

 

Domenick A Peronti (DE Broker of Record) License# RB0020193

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